BXMT

MKT CAP $1.8BP/E 132.5DIV YIELD 17.74%FCF YIELD —REV TTM —NET INCOME $15.4MNET DEBT $15.8B52W 10.20 – 20.63NEXT EARNINGS Oct 28SEC XBRL · TTM TO Invalid Date

How BXMT rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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We finance our investments in a variety of ways, including borrowing under secured credit facilities, issuing collateralized loan obligations, or CLOs, other securitization transactions, syndicating senior loans and/or participations, and other forms of asset-level financing, depending on our view of the most prudent financing option available for each of our investments.
We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” Our principal executive offices are located at 345 Park Avenue, New York, New York 10154.
Our Manager We are externally managed and advised by our Manager, which is responsible for our business and investment activities, our day-to-day operations, and providing us the services of our executive management team, investment team, and other personnel.
Our Manager is an affiliate of Blackstone, a leading global investment manager with $1.3 trillion of total assets under management as of December 31, 2025 .
We benefit from the deep knowledge, experience and information advantages of our Manager, which is a part of Blackstone Real Estate.
Blackstone Real Estate was founded in 1991 and is the world’s largest owner of commercial real estate, with $319.3 billion of investor capital under management as of December 31, 2025 .
Blackstone Real Estate operates as one globally integrated business with 787 real estate professionals globally as of December 31, 2025 and investments in North America, Europe, Asia and Latin America.
In the United States, Blackstone Real Estate is one of the largest owners of rental housing, industrial, office, hospitality and retail assets.
Blackstone Real Estate Debt Strategies, or BREDS, was launched in 2008 within Blackstone Real Estate to pursue opportunities relating to real estate debt investments globally, with a focus primarily on North America and Europe.
Our Manager’s Investment Committee is composed of some of the most senior and experienced investment professionals at Blackstone, including Kenneth Caplan (Global Co-Chief Investment Officer of Blackstone), Nadeem Meghji (Global Head of Blackstone Real Estate), Timothy S.
Johnson (Global Head of BREDS and our Chief Executive Officer and Chairperson of our board of directors), and Giovanni Cutaia (President of Blackstone Real Estate).
As of December 31, 2025 , 176 dedicated BREDS professionals, including 27 investment professionals based in London and Australia, managed $77.5 billion of investor capital.
The market-leading real estate expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and we believe it gives us the tools to manage the assets in our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.
Our chief executive officer, chief financial officer, president and other officers are senior Blackstone Real Estate professionals.
“Certain Relationships and Related Transactions, and Director Independence” in our definitive proxy statement with respect to our 2026 annual meeting of shareholders, which is incorporated by reference into this Annual Report on Form 10-K, for more detail on the terms of the Management Agreement.
Our Investment Strategy Our investment strategy is to originate, acquire, and manage senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe and Australia.
Our primary strategy is to directly originate, co-originate, and acquire senior loans in conjunction with acquisitions, refinancings, and recapitalizations of commercial real estate in North America, Europe, and Australia, with a focus on performing loans that are secured by high-quality, institutional assets located in major markets, and sponsored by experienced, well-capitalized real estate investment owners and operators.
We believe that the scale and flexibility of our capital, as well as our Manager’s and Blackstone’s relationships, enable us to target opportunities with strong sponsorship and invest in large loans or other debt that is collateralized by high-quality assets and portfolios and, as market conditions evolve over time, to adapt as appropriate.
However, to capitalize on the investment opportunities that are present at various points of an economic cycle and/or to further diversify our earnings composition, we have in the past expanded or changed our investment strategy by targeting other real estate debt or credit-oriented investments and may continue to do so.
We believe that the diversification of our investment portfolio, our ability to actively manage those investments, and the flexibility of our strategy position us to generate a compelling risk-adjusted return for our stockholders in a variety of market conditions over the long term.
Our Investment Portfolio Our investment portfolio is primarily comprised of senior, floating rate mortgage loans that are secured by a first priority mortgage on commercial real estate assets in North America, Europe, and Australia.
Although originating senior, floating rate mortgage loans is our primary area of focus, we may also originate or acquire fixed rate loans and subordinate loans, including subordinate mortgage interests and mezzanine loans, as well as other real estate, real estate debt or real estate credit-oriented investments.
Loan Portfolio Our Loan Portfolio consists of 131 loans with a total principal balance of $18.2 billion .
During the year ended December 31, 2025 , we originated or acquired $5.7 billion of loans.
Loan fundings during the year totaled $5.6 billion , with loan repayments and sales of $6.1 billion , for net repayments of $452.8 million .
Owned Real Estate As part of our portfolio management strategy to maximize economic outcomes, from time to time, we may hold certain owned real estate investments, in some cases resulting from us acquiring title to or taking control of a loan’s underlying real estate collateral.
During the year ended December 31, 2025 , we acquired or otherwise consolidated five owned real estate assets with an aggregate acquisition date fair value of $654.3 million .
As of December 31, 2025 , we held 12 owned real estate assets with an aggregate carrying value of $1.3 billion , for which we were previously the lender on an associated mortgage loan.
Bank Loan Portfolio Joint Venture In the second quarter of 2025, we entered into a joint venture, or our Bank Loan Portfolio Joint Venture , with a Blackstone- advised investment vehicle to acquire portfolios of performing commercial mortgage loans.
Our Bank Loan Portfolio Joint Venture is recorded as an investment in unconsolidated entities on our consolidated balance sheets.
During the year ended December 31, 2025 , our Bank Loan Portfolio Joint Venture acquired two bank loan portfolios totaling $2.0 billion across 593 performing senior commercial mortgage loans from regional banks, our share of which is $719.4 million .
Our aggregate ownership interest in our Bank Loan Portfolio Joint Venture was 35% as of December 31, 2025 .
Net Lease Joint Venture In the fourth quarter of 2024, we entered into a joint venture, or our Net Lease Joint Venture , with a Blackstone-advised investment vehicle to invest in triple net lease properties.
Our Net Lease Joint Venture is recorded as an investment in unconsolidated entities on our consolidated balance sheets.
During the year ended December 31, 2025 , the Net Lease Joint Venture acquired 178 properties with an aggregate purchase price of $421.8 million .
Our aggregate ownership interest in our Net Lease Joint Venture was 75% as of December 31, 2025 .
We finance our investments in a variety of ways, including borrowing under secured credit facilities, issuing CLOs, other securitization transactions, syndicating senior loans and/or participations, and other forms of asset-level financing, depending on our view of the most prudent financing option available for each of our investments.
During the year ended December 31, 2025 , we (i) issued a $1.0 billion CLO securitization, (ii) increased our aggregate borrowing capacity by $414.0 million as a result of closing two new secured credit facilities, increasing the size of one of our existing secured credit facilities, and terminating one of our existing secured credit facilities, and (iii) borrowed an additional $91.0 million under our term loan facilities while reducing the weighted-average spread and extending the weighted-average maturity.
We also lowered the cost of our portfolio financings throughout the year, with a weighted- average spread of +1.83% over respective benchmark rates on our $10.1 billion of secured debt, as of December 31, 2025 , relative to +1.92% as of December 31, 2024 .
As of December 31, 2025 , we had total liquidity of $1.0 billion with no corporate debt maturities until 2027 .

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We finance our investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate financing, depending on our view of the most prudent financing option available for each of our investments.
We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol “BXMT.” Our principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154.
Our Manager We are externally managed and advised by our Manager, which is responsible for administering our business activities, our day-to-day operations, and providing us the services of our executive management team, investment team, and other personnel.
Our Manager is a part of Blackstone, which is the world's largest alternative asset manager.
Blackstone's assets under management includes global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds.
Through its different businesses, Blackstone had total assets under management of over $1.1 trillion as of December 31, 2024.
Our Manager benefits from the resources, relationships, and expertise of the 839 professionals in Blackstone’s global real estate group.
Blackstone’s real estate group is the largest owner of commercial real estate globally with over 12,500 commercial assets and $315.4 billion of investor capital under management as of December 31, 2024.
Kathleen McCarthy and Nadeem Meghji, who are the global co-heads of Blackstone’s real estate group, are members of our Manager’s investment committee.
Kenneth Caplan, who is Blackstone’s co-chief investment officer overseeing business areas including real estate, is also a member of our Manager’s investment committee.
Blackstone Real Estate Debt Strategies, or BREDS, was launched in 2008 within Blackstone’s global real estate group to pursue opportunities relating to real estate debt investments globally, with a focus primarily on North America and Europe.
Tim Johnson, the Global Head of BREDS, serves as the chairperson of our board of directors and is a member of our Manager’s investment committee.
Katharine Keenan, the Global Co-Chief Investment Officer of BREDS and a member of our Manager’s investment committee, serves as our chief executive officer and is a member of our board of directors.
In addition, one of our other directors, Michael Nash, who served for periods of time prior to his retirement from Blackstone in 2023 as chair of BREDS and as the executive chairman of our board of directors, remains a member of our board of directors.
As of December 31, 2024, 172 dedicated BREDS professionals, including 30 investment professionals based in London and Australia, managed $77.2 billion of investor capital.
Our chief executive officer, chief financial officer, and other officers are senior Blackstone real estate professionals.
“Certain Relationships and Related Transactions, and Director Independence” in our definitive proxy statement with respect to our 2025 annual meeting of shareholders, which is incorporated by reference into this Annual Report on Form 10-K, for more detail on the terms of the Management Agreement.
Our Investment Strategy Our investment strategy is to originate loans and invest in debt or credit-related instruments supported by institutional quality commercial real estate in attractive locations.
We directly originate, co-originate, and acquire real estate credit investments in conjunction with acquisitions, refinancings, and recapitalizations of commercial real estate in North America, Europe, and Australia, with a focus on performing loans that are supported by well-capitalized properties and borrowers.
We believe that the scale and flexibility of our capital, as well as our Manager’s and Blackstone’s relationships, enables us to target opportunities with strong sponsorship and invest in large loans or other debt that is collateralized by high-quality assets and portfolios.
As market conditions evolve over time, we expect to adapt as appropriate.
However, to capitalize on the investment opportunities that may be present at various other points of an economic cycle, we may expand or change our investment strategy by targeting other credit-oriented investments.
During 2024, we entered into (i) an agreement, or our Agency Multifamily Lending Partnership, with M&T Realty Capital Corporation, or MTRCC, a subsidiary of M&T Bank, to earn a portion of origination, servicing, and other fees for multifamily agency loans we refer to MTRCC for origination, and (ii) a joint venture, or our Net Lease Joint Venture, with a Blackstone-advised investment vehicle to invest in triple net lease properties.
We believe that the diversification of our investment portfolio, our ability to actively manage those investments, and the flexibility of our strategy positions us to generate attractive risk-adjusted returns for our stockholders in a variety of market conditions over the long term.
Our Portfolio Our business is currently focused on originating or acquiring senior, floating rate mortgage loans that are secured by a first priority mortgage on commercial real estate assets in North America, Europe, and Australia.
Although originating senior, floating rate mortgage loans is our primary area of focus, we may also originate or acquire fixed rate loans and subordinate loans, including subordinate mortgage interests and mezzanine loans.
This focused lending strategy is designed to generate attractive current income while protecting investors’ capital.
During the year ended December 31, 2024, we originated or acquired $431.9 million of loans.
Loan fundings during the year totaled $1.6 billion, with loan repayments and sales of $5.2 billion, for net repayments of $3.6 billion.
The following table details overall statistics for our loan portfolio as of December 31, 2024 ($ in thousands): Balance Sheet Portfolio Loan Exposure (1) Number of loans 130 130 Principal balance $ 19,203,126 $ 19,920,539 Net book value $ 18,313,582 $ 18,313,582 Unfunded loan commitments (2) $ 1,263,068 $ 1,263,068 Weighted-average cash coupon (3) + 3.46 % + 3.40 % Weighted-average all-in yield (3) + 3.78 % + 3.76 % Weighted-average maximum maturity (years) (4) 2.1 2.1 Origination loan to value (LTV) (5) 62.3 % 62.6 % (1) Total loan exposure reflects our aggregate exposure to each loan investment.
As of December 31, 2024, total loan exposure, includes (i) loans with an outstanding principal balance of $19.2 billion that are included in our consolidated financial statements, (ii) $817.5 million of non-consolidated senior interests in loans we have sold, which are not included in our consolidated financial statements, and excludes (iii) $100.1 million of junior loan interests that we have sold, but that remain included in our consolidated financial statements.
We have retained an aggregate $228.1 million of subordinate mezzanine loans, as of December 31, 2024, related to non-consolidated senior interests that are included in our balance sheet portfolio.
(2) Unfunded commitments will primarily be funded to finance our borrowers’ construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures.
These commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.
Excludes $208.7 million of unfunded loan commitments related to our non-consolidated senior interests, as these commitments will not require cash outlays from us.
(3) The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR, and other indices as applicable to each investment.
As of December 31, 2024, substantially all of our loans by total loan exposure earned a floating rate of interest, primarily indexed to SOFR.
In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees.
Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any.
(4) Maximum maturity assumes all extension options are exercised by the borrower, however our loans and other investments may be repaid prior to such date.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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